DTC not so good for long term capital gain tax on Equity

If Direct Tax Code gets implemented on 1st April, 2011 - long term capital gain on equity instruments will no longer be tax free. Also short term capital gain is no more treated within 365 days from date of investment, it's 1 year from 31st March of that financial year. So if you invest on 2nd April, 2011 - you pay short term capital gain tax till 31st March, 2013 (almost 2 years). Though revised DTC gives some relief on indexation benefit (though not spelled out exactly how much) on long term capital gain, but it is still taxable.

So question is - should we book profit in our equity investments or continue past March, 2011? There are many scenarios - but one thing is for sure - if you need money in next 1 year or so and in a good profit on your long term equity investment - it's better to book profit during Jan-Mar'11. But if you don't need that money - let's think more..

But I'll still love DTC if they maintain those income tax slabs - 30% tax only if your taxable income is more than Rs. 25 Lakh that year. But not sure if they will keep that as they started making DTC more complex and in doing so government will start losing revenue. And when Government wants money - their soft target is salried class. But let's pray..